Market Outlook
THURDAY, NOVEMBER 18, 2021
Market Outlook (Closing) as on 18.11.2021
Market closed in negative territory at 59,363.01 (- 372.32)
STUCK IN RANGE:
LOWER END OF RANGE SUPPORT TO WATCHOUT FOR:
WAVE-IV CORRECTION IS STILL ON WITH RANGE BOUND MOVEMENT: TRAIL TILL IT REVERSES:
BE STOCK SPECIFIC & KEEP PERIODIC PROFIT BOOKING AT THESE LEVELS MAREKT:
BE LIGHT & LESS LEVERAGE AT THESE LEVELS OF MARKET.
Market failed to sustain at higher levels. It made a high of 61036.56 levels on sensex & 18210 levels on nifty. It witnessed selling pressure from these levels & once again slipping towards lower end of range. Basically, it’s trading in range of 17600-18200 levels from last 4 weeks. It’s not yet started wave-V as expected last week but it’s still in wave-IV correction as per chart attached. One should watch out market behavior near lower end of range support for further confirmation of trend. Break of 17600 levels on nifty will lead to further extension of correction towards lower levels targets as mentioned bellow in short term. Alternatively, it may consolidate in the range of 17600-18200 levels on nifty for some more time in short term. One should be very stock specific, Less Leveraged & keep periodic profit booking & Risk Management discipline in this phase of rally in market & Follow trend till it reverses.
It looks like Market stuck in range in this wave-IV Correction & Wave-V UP is still pending towards higher levels targets as mentioned below in short to medium term as per chart attached.
BANK NIFTY is underperforming in short term. It’s in wave-IV correction it made a low of 37784.45 levels. There is also Wave-V up pending in bank nifty as per chart attached till it reverses. One can expect further lower levels till 37500-37000 levels in short term till it trades below 38460 levels. Alternatively, it can consolidate in range of 37500-39500 levels in short term for some more time. 36875 is strong support for medium term perspectives, till it holds one can expect further higher levels targets till 42000 levels in medium term.
17500-17300 & 18000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far for expiry perspectives. Retail open interest position net long in stock futures so far is at very high levels that will cause high stock specific volatility in market in short term. So be stock specific & Keep periodic profit booking at current levels of market.
Momentum indicators Daily KST & Daily MACD both are in SELL supporting short term trend. Close above short term reversal levels will confirm rally towards higher levels targets as mentioned below in medium term. One should strictly follow trend & be very stock specific at this phase of rally in market.
Momentum Perspective:
Weekly KST & WEEKLY MACD are in SELL. Market is still closed above 20WESM & 40 WEMA. One should wait for price reversal to finally conclude medium term reversal.
Conclusion:
Short Term Trend is DOWN & Medium term Trend is UP
Trend
Market Outlook (Closing) as on 18.11.2021
Market closed in negative territory at 59,363.01 (- 372.32)STUCK IN RANGE:
LOWER END OF RANGE SUPPORT TO WATCHOUT FOR:
WAVE-IV CORRECTION IS STILL ON WITH RANGE BOUND MOVEMENT: TRAIL TILL IT REVERSES:
BE STOCK SPECIFIC & KEEP PERIODIC PROFIT BOOKING AT THESE LEVELS MAREKT:
BE LIGHT & LESS LEVERAGE AT THESE LEVELS OF MARKET.
It looks like Market stuck in range in this wave-IV Correction & Wave-V UP is still pending towards higher levels targets as mentioned below in short to medium term as per chart attached.
BANK NIFTY is underperforming in short term. It’s in wave-IV correction it made a low of 37784.45 levels. There is also Wave-V up pending in bank nifty as per chart attached till it reverses. One can expect further lower levels till 37500-37000 levels in short term till it trades below 38460 levels. Alternatively, it can consolidate in range of 37500-39500 levels in short term for some more time. 36875 is strong support for medium term perspectives, till it holds one can expect further higher levels targets till 42000 levels in medium term.
17500-17300 & 18000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far for expiry perspectives. Retail open interest position net long in stock futures so far is at very high levels that will cause high stock specific volatility in market in short term. So be stock specific & Keep periodic profit booking at current levels of market.
Momentum indicators Daily KST & Daily MACD both are in SELL supporting short term trend. Close above short term reversal levels will confirm rally towards higher levels targets as mentioned below in medium term. One should strictly follow trend & be very stock specific at this phase of rally in market.
Momentum Perspective:
Weekly KST & WEEKLY MACD are in SELL. Market is still closed above 20WESM & 40 WEMA. One should wait for price reversal to finally conclude medium term reversal.Conclusion:
Short Term Trend is DOWN & Medium term Trend is UP
Trend
| Short Term : | Trend | Reversal |
| 59000/58500-58300 |  | 60427 |
| Medium Term : | Trend | Reversal |
| 63500 |  | 56860 |
| Short Term : | Trend | Reversal |
| 17600/17450-17300 | | 18023 |
| Medium Term : | Trend | Reversal |
| 18900 | | 17000 |